tv Bulls Bears FOX Business July 16, 2019 5:00pm-6:00pm EDT
reporter: clothes and shoes? melissa: have you ever been to a department store with three kids. >> not the best. melissa: thanks for being here, ashley. that does it for us, "bulls and bears" is going to start right now, roughly. reporter: big tech under fire. on your left, top tech executives from apple, amazon and facebook getting grilled in an anti-trust showdown. on the right, google facing question over possible censorship in its search engine. we are all over both on this busy news day. this is "bulls and bears." i'm kristina partsinevelos. let's go to hillary vaughn who
is at the house anti-trust hearing. hillary, can you tell us, what do you know? reporter: this is an interesting hearing. these companies are trying to convince lawmakers that their competitors are competitive with them. so they are hyping up their competition. we heard from google executives who say they face intense competition for companies over their search functions. facebook says they have competition from snapchat, skype, and ticktock over their idea video sharing. but not every lawmaker on the panel bought the argument that these companies are in a position to defend their market share and fight for user competition. >> i think you are in a unique chair in a unique position among
those seated at the table. each one of you occupy a unique and dominant position. but facebook is -- stands alone in terms of social media. any other social media platform that can compete with facebook? >> there might not an identical competitor to facebook but there is significant competition in advertising. reporter: amazon says their competition is not just online platforms, but brick and mortar stores. they have say the idea that the same product bought online versus bought in brick and mortar doesn't mean those two businesses come feet with east other. they say every day they face competition from brick and mortar. but lawmakers wanted an explanation on whether amazon uses their platform to create
duplicate products that sell better? >> you are selling your own products on a platform that you control and they are competing with products in the marketplace from other sellers. >> that practice has been common for decades. >> am zone is a trillion dollar company with real-time data and billions in purchases and commerce and can manipulate algorithms and favor their own product. that's not the same as a local retailer with a cvs brand and national brand. it's quite different. reporter: amazon makes the point they have a lot of their own brands but that represents single digits compared to other companies, grocery stores with 20% to 80% of their product is their own private brands.
reporter: there was a lot to talk about and big pressure on technology. jonathon, i almost feel like i know how you are going to answer. you have catch hill, they are going after big tech. do you feel it's warranted? do you think they should be butting in. >> it' it's frustrating. facebook is a monopoly? come on. you have twitter, we chat, snap chat, pinterest. there is no monopoly in a free economy. the monopoly is government. reporter: do we really have a free economy of when you have tax breaks for the big companies. >> that's a red herring. to hear these senators and congress people complaining that they should be broke up and regulated because these guys are
concerned that they don't have more followers or retweets. it's shameful. butt out. >> i would agree with jonathon but i would phrase it differently. they are very different companies. secondly be yes they are too powerful, but no they should not be broken up. you have regular free market competition and they should have oversight. for those in the content media and publishing space, they should be regulated the way fox or nbc is regulated. google is totally different than twitter. this is just the jumbling everyone in because they happen to be historic companies that dominate their space.
but they should not be broken up. >> you have got these rare over cases where republicans and democrats seem to agree on something, that's that they don't like big tech. robert is a democrat and i'm a republican. but i agree with you that these companies should be able to flourish. it's not easy to stay at the top of the tech world. maybe there has to be some oversight what these companies are doing because much their size. aren't we feeling a patriotic twinge that all these companies, amazon, google, facebook and the rest are american companies? >> it doesn't matter if they are mayor scan companies if they are exploiting our data or not protecting it right. we need to come up with regular installation where they are
information fiduciaries. my information, they go get it in aggregate. >> you give it to them voluntarily. >> no, i don't. they buy a lot of me up information, especially from the credit card companies and do a profile on me. first all you are wrong there. second of all it's not and free market economy. it's a crony capitalism. >> and youred a row skating for more cronyism. >> i never said break them up. i didn't say break them up. i think we need efficient regulation where we have referees and set the rules of the game. >> it's called the marketplace. reporter: kevin, do you have
social media and facebook and twitter and other accounts like that. >> i do have social media. i use twitter. but let me give you a perfect example. with amazon. in one of their cases here in the state much california, they are saying we shouldn't be overregulated because all of the customers that go on to amazon are our customers. they are not reseller's customers. then in another court case they said they are not our customers, we don't want to be liable if something goes wrong with the product. we need to update the law. we are a 21st century economy. we can't let the rules of the 40s and 50s apply to this current marketplace. reporter: google is denying it
has ties with china. >> it's very peculiar back ground where google is working with the chinese communist government and not with the u.s. military. so the project decision was not to work with ai with the american military but they are working with the communist chinese. the question is what in the world is going on there. reporter: google reresponsibilitied, as we've said before, we do not work with the chinese military. what about the president and the fact he says his administration is going to look into this. should he? >> he should. i don't know if the allegations are false or not. but american companies cannot be conspiring with the enemy. the problem with regulating the tech industries, the government
is going to drive to apry 1990s, 1980s regulations and it isn't going to work. >> the important thing to note here, in 2049, the chinese government wants to be the number one military super power in the world. so we actually know it through their plan, the 2025 plan, the 2035 plan and the 2045 plan. i think it's important to note that by google working with chinese state sponsored companies, they may not be the military, but they are for the benefit of the military. i do not think pete peter thie*s rock here. they are a member of the open power foundation. they work with ibm who works with chinese companies that does
massive surveillance. i think it's a big issue and the united states government needs to look into. >> we need to add that peter thiel * was giving a speech at a conservative convention and he's on the board of a competitor of google and he's a huge supporter of president trump. so i'm not surprised this is on president trump's radar. reporter: we have to talk about the white house projecting the highest deficit ever. we'll debate it. stay tuned. something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients
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had excluding the four years following the great recession. in a growing economy, shouldn't the deficit be shrinking? kristina: you would think. that's the big debate. the $1 trillion mark would come at the end of the fiscal year. and the national debt is $22.5 trillion. but over the last two years we have seen an increase in spending. we can't just pinpoint it all on to one administration or another. you have baby boomers who are aging. you have bipartisan support for increase in spending on both size when it comes to defense and domestic issues. this is where it can get murky, the tax cuts could add $1.5 trial to our national debt the next decade or so. but overall, the economy is
still growing. >> the democrats were always big spenders. and republicans were fiscal conservatives. kristina: nothing is the same anymore. >> he's telling associates privately the debt is not his problem. >> as someone who helped advise trump on this. we always put growth first. jobs and growth were always our highest priorities as they should be. it's true we have a bipartisan spending problem. but when you have growth like this, the congressional budget office is predicting the economy
has $6 trillion larger the next 10 years than they thought it would be and that's in large part because of the tax cuts. >> steven and i have been debating or that for five years now. it's clear the revenue from our country are not coming in fast enough because of the tax cuts. and the deficits are ballooning. the great gdp growth, steve thought it would be $5:%, 6%. the deficits are higher. and the truth is, this tax cut was too big versus the revenue. that's why we are in a problem situation. i want to also agree with jonathon. i can't believe this democrat is more fiscally conservative than
the entire republican party. kristina: to steve's point, isn't it premature for to us say anything because we haven't had that much growth? >> i was giving them a bonus. >> we are talking about this during good times which is very nice for all of us. but the problem is what happens when we get into a recession, right? i think that's the biggest situation we need to be focused on. we see our deficits where they are now, they will only balloon even more. >> and the answer is -- >> what will cause the deficit is to repeal the tax cut. it got us from 1.5% to 3% growth today. >> i tell you what we are going to get. we are going to get a $2 trillion infrastructure from a
supposedly conservative president endorsed by fiscal conservatives like steve moore and larry kudlow. people who used to hold government spend together fire want to pass it along when government wants to spend trillions of dollars. steve: we finance with private money, not tax dollars. >> we are going to have to save the rest of this for later. it was actually dubbed lie of the year a decade ago. so why is former vice president joe biden resurrecting it for his campaign? we'll talk about that next. (vo) the hamsters, run hopelessly in their cage.
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>> 2020 frontrunner unveiling his healthcare plan with a message that sounds familiar. >> if you like your employer-based plan you can keep it. >> if you like your plan and your doctor you can keep them. >> if you have private insurance you can keep it. >> if you like your doctor, you will be able to keep your doctor, period. if you like your healthcare plan you will be able to keep your healthcare plan, period. >> that was the lie of the year. is it a big mistake to connect his plan with this infamous line? >> i think it's a giant mistake. i can tell you from first-hand experience when i heard
president obama say that i got a plan i liked. the first thing that happened was the aca was passed, my plan was canceled. i got plan i wanted and it was canceled on me. it's not a great idea to say that because now i think what joe biden is saying is the exact opposite. we'll get medicare and medicaid for all and private insurance is done. >> is this the vice president differentiating his plan from the rest? >> we are being disingenuous. they are not saying anything the same at all. president obama was responding to the affordable care act. vice president bind said you will not lose your private understand if you want to keep
your employer-led mandate one was about a mandate. this is about why he's not for medicare for all, and why he's making sure when different people like elizabeth warren and bernie sanders raise their hand that they are taking away your private understand. >> the problem with that is that's what obama said, that you wouldn't lose your health insurance in were millions of americans who did lose. why should we believe him now? >> we are talking about two different things. we are talking about medicare for tall can and the mandate. i know you want to confuse things just like you did on the deficit. but i will pause there. >> kamala harris is unveiling a plan to combat high drug prices.
she's going to have the governmento federal government set a pricing for that drug. sounds a little convoluted to me. is this a smart way to combat drug prices which have continued to go up even after obamacare was passed? >> i just read about this today. president trump said he was going to lower pharmaceutical prices. he said he was going to hammer the pharmaceutical industry. he has completely backed off on that and all that's happened is pharmaceutical drug prices are higher. i think this is going to make sure we are competing versus prices globally. global competition should be a good thing. there are some good things to it that we should think about. it's clear pharmaceutical prices
are too high. why should you be able to go into canada for 1/5 the price we pay in the u.s. >> the people? america who develop the drugs pay more for them than in china and germany and japan. if you limit the profits of these companies you will delay the introduction of new vaccines and drugs. the answer is not price control. >> one thing that more people were thinking about was the idea that medicare would be able to negotiate prices. you have medicare that's a government-run program, so why shouldn't then able to make sure they can negotiate it's amazing everyone has a monopoly on pricing except the buyer can't look elsewhere.
to your point, the fact that there are huge roadblocks. why don't we have more generics on the market. steve you just brought up the fact if we lower the prices there will be a lack of incentives for the pharmaceutical countries. why does it take two or three years for the approval process. we are paying 50% of the drug prices around the globe. clearly there is an issue. >> let's move on. facebook is in the hot seat. the company's co-founder of the crypto currency initiative is facingal bipartisan back trash. would you trust facebook with this new libra currency?
social media company. >> trust is something you earn. and facebook certainly hasn't earned it. so it's not enough to say you will keep the data separate. i would like to know how exactly will you keep libra data separate from your social media data. >> santa ana, thank you for your question -- senator, thank you for your question. in the case of libra, we are not moving fast. they say they will work to prevents terrorists or other criminals from using the currencies. senators went back time and again saying they can't trust the company. >> you violated privacy in the past and you continue to change the privacy rules without
informing users. but you are launching a product saying the privacy would be protected. reporter: facebook says the currency would be stable with low inflation and widely usable. he says it would be based on a basket of currencies like the u.s. dollar, british pound and japanese yen. kristina: from that report the word trust came out quite a bit. steve, you are work on creating a crypto currency central bank. what do you make of this grilling on capitol hill for facebook given they want to launch their own crypto currency. it's the wave of the future. you have got a lot, maybe two dozen enterprise going in this crip tote area. i listened to a lot of that hearing.
this argument that we can't trust these companies, that's fine. nobody is putting a gun to your head saying you have to buy the libra currency. what the government is really afraid of in my opinion is they don't want the competition of pry valts companies intruding on what central banks do. i think the crypto currencies are going to take off and that's threatening to poll advertises and central banks. could the steam engine have gotten going and the wright brothers to have flown. but to mnuchin to say facebook's crypto currency is a national security. i like the is pa but not the
little ceasars on capitol hill who think they have to judge everything the private economy wants to do. they have no role. butt out. >> should the government be protecting its citizens? is it of that national interest in the problem was facebook was completely exploited during the last election. people's information has been found just willy-nilly on servers. the problem is facebook has lost the trust. they completely defied consent defreeze. the record $5 billion in a fine. they say sorry, we didn't know. we'll be better next time. you cannot be better next time when people are being manipulated. >> if they lost people's trust, why do millions of people have facebook. i don't have a facebook account.
you can decide on your own whether you want a facebook account. it's that simple. >> with respect to what treasury secretary mnuchin said, i think he was getting at the anti-money laundering aspect of it. as someone who has run a bank, i understand that. i think it crypto currency is here to stay. we are kidding ourselves to think we should be shunning it. it's just the opposite. as authoritative dictators grow around the world, remittances will grow more and more. doing it with a decentralized platform i think will be incredibly dangerous. we are seeing that each and every day. i love that steve is building off this. kristina: i think it's great facebook went ahead early on to let everyone know.
they said they will only have one seat at the table, no special privileges. they are trying to remove themselves from the actual crypto currency itself. it could be an opportunity for facebook to regain the trust they lost. we keep talking about it. you can trust the crypto currency, you can maybe trust the company? >> it may work, it may not work. it's up to the marketplace to decide. if people don't trust facebook and don't trust libra, they won't bite and participate in it. for all these senators and congressmen to pass judgment, it's not their place. let the marketplace work. >> crypto currency is here to stay. if you have got a cell phone and
you are in a third world country and you don't have access to banging, you now can have it. it's a way for people to protect their actual purchasing power in regimes that have rapid inflation. i think they are here to stay. i am with a lot of these politicians. i just don't think we can trust facebook. but at the same time we know facebook has a lot of clout. kristina: coming up, more from peter thiel and what he says scares him the most of in the field of 2020 candidates and why. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know?
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she is the on one talk about the economy. and that's what matters the most of. the others are equally unimpressive in that it's all identity politics. >> that's from silicon valley billionaire and trump supporter peter thiel. do you agree focusing on the economy will give elizabeth warren an edge over other 2020 candidate? >> i think so. you have to have a call to action to get people to take the time to stand in line and check a box. she is going to be focusing on the economy and talking about the opportunities she is going to provide. it dovetails into this i equality. we know people have their mind made up on the democratic side
what they can do for healthcare. but they need to figure out what they can do to help the economy. >> it's clear to me the democratic candidate are not talking about the economy. they are talking about who is further to the left and gun reform and healthcare. look today, manufacturing, they are talking about going into a recession. rural areas have taken two different bailouts. elizabeth warren, i don't agree with many of her policies, but as she says, i have a plan. she seems to have a plan for everything. i think it's interesting that peter thiel is looking at elizabeth warren. you would think with the wealth tax and her income inequality he would say something negative about her. but she is running a strong campaign. kristina: isn't that a net
positive for her when you have peter thiel saying she scare him the most of because of the economy. i think that's a huge win for her. sheep responded to a bloomberg story on this and she just wrote, good. you have some big shot on wall street or the tech industry saying i'm scared of this woman. >> 72% of mayor cans rate the economy as god or great. people like the economy, what do you say? >> i think they should be going after the economy. deficits are high and we have student loan debt. today's polls came out that have elizabeth warren beating donald trump. i am just talking today.
>> elizabeth warn is a scary person. it's scary to me she has reached the level of political awareness. it scare me that she stood in front of young people and lectured as a professor for so long. she has a plan and obama legitimacy. she has an academic plan, a spreadsheet for government control. kristina: it sounds like you are complimenting her. you are scared of her because she has a plan and she is organized. >> the republicans' counter can't be it will never work. they need to counter with the moral argument. you have a right to your own right. the individualist spirit. if they can focus on that, they will, i. >> robert, i am backing you up. it's always about people's
pocketbooks and she is smart to focus on the economy. >> i hope you are right. because that's a win for trump. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. you kjust the determination to get there. perfect the craft. move the impossible. knowing the more you take on, the stronger you get.
success of the company. >> if eating meat is wrong, i don't want to be right. when blue apron first came out, they were the only game in town. now you have home chef and even martha stewart getting in on the act. the stock has been so short all of a sudden having good news and a lot of the short sellers. kristina: i want to comment on jonathon's point? am i the only one who tried this product? blue i upon has been failing miserably over the last little while.
they had to execute a reverse stock split. look at the shares of this company. even if you think it will induce vomit in your mouth jonathon, i don't think this will turn it around. i do think the trend is here to stay. we are going into the fake chicken and there is a lot to grow in this alternative meat industry. i'm a proponent. >> can we get jonathon off the screen in. >> the best part of this is it helps blue apron mission avoid the -- apron customers avoid the meat sweat. the customer acquisition costs is very expensive. that's why you have seen their
share price decline. they are going against amazon fresh. it's a big business delivering fresh food that's so highlycross by with the supply chain. >> i know i probably had a lot of bluff apron beyond meat. it's my guess the white house is having burgers. >> i will only eat this food on fridays and lent. i'm a catholic. no, i have not tried it. i guess i will try this this week. kristina: i think there are four of you have who have not tried it. their impossible burger or beyond meat? >> is it a veggie burger? what is it? >> amazon who we wish was coming to new york city is throwing out
big deals. but new data shows a potential flaw in amazon's plan. details next. patients that i see that complain about dry mouth. they feel that they have to drink a lot of water. medications seem to be the number one cause for dry mouth. i like to recommend biotene. it replenishes the moisture in your mouth. biotene definitely works. [heartbeat]
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>> amazon's 48-hour prime day is coming to an end. google were searches for canceling amazon prime were 18% higher than normal. is this a bad sign for amazon? >> it's not a good sign. what amazon is trying to do is get the revenues to grow at 20% year over year. so they have fallen short of that last quarter and they are anticipated to small authority this year. so they have had to come up with
some way to get people to become prime members to increase their margins. they decided to give people one-day delivery. so they spent a ton of money and warehouse and distribution centers so you can get your packages in a day or less. if people are canceling their prime mimms, it won't bode well. >> we started the show talking about how indominatable these companies are. having been a ceo, it ain't so easy to stay there. >> ouch. >> i didn't mean that as a criticism. it's a tough -- kristina: remember amazon prime members to the tune of 103 million according to the more recent research.
we haven't talked about maybe people are cans thine d -- are canceling because of the workers strike. >> i think it has to do -- the deals weren't that great. i didn't see anything that wowed me. i just bought whatever was already currently in my list that i wanted. >> companies like walmart, these major retailers used to have a monopoly. amazon doesn't have that monopoly. prime has only been around for 14 years. think of all the new services they added. it used to be two days free shipping. now it's movies and music and books. don't you wish we had this competition in the public schools like we do with the high-tech companies. kristina: that's a great point
since walmart, target, ebay launched their sales to compete with amazon. i have got to leave it there. we had a lot of fun. i hope our viewers did, too. thank you for joining us. [♪] liz:ed the fireworks from the biggest tech d.c. showdown in 20 years. we bring you the smackdown for having too much power and icing out the competition, to censoring ideas that liberals don't like. it was a rare bit of bipartisanship. both parties don't like that silicon valley is too big to trust. president trump wants